U.S. Republican Representatives Bill Huizenga and Dan Meuser have introduced legislation aimed at blocking International Monetary Fund (IMF) support for certain Central African countries, including Cameroon. The move comes amid a dispute over the Bank of Central African States’ (BEAC) new regulations requiring international oil companies to deposit environmental restoration funds into BEAC-controlled accounts.
Critics argue that these funds, estimated between $5 billion and $10 billion, should not be counted as foreign reserves. The proposed legislation seeks to prevent the U.S. Treasury from endorsing IMF proposals involving CEMAC countries unless the IMF confirms that these funds cannot be classified as gross foreign exchange reserves.
